SWIFT International Money Transfer Warning

by ThatManViv

Posted: 14 years ago 9 replies

OFF TOPIC

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In case anyone is tempted to use this service here's my story. And if you are in the UK you might care to pay particular attention to it.

On July 29th I sent £1250 to an account overseas using a "Nationwide" B.S. (Banking Service ???). They told me it was a 48 hour service, but, three weeks later the money has not arrived in the account.

Quite frankly there are so many errors in the transfer form that a ten year old could have completed it better.

But, (and here is the warning part) in the small print it says that I, and I alone, am responsible for the transaction. They will accept no responsibility at all. And they do not refund the service fee no matter what happens.

They will not provide any documentary evidence to support their claims that the money transferred correctly. They deceived me by advising me that on two occasions I was speaking to a person within the SWiFT system when I was really speaking to some pion in a "Nationwide" office.

It just seems incredible that with all the Financial Services rules and regulations we have today that this behaviour is occurring.

So, if you need to send money abroad and PayPal is not available, I strongly suggest you do your best to avoid the SWIFT money transfer service.

viv
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webpageguru 14 years ago

I used the SWIFT service to South Africa last month and it worked perfectly. In fact I have never heard of it not working. I dont think you can put SWIFT in the same category of Western Union, Moneybookers etc. Every bank in the world uses it. Thanks for the heads up though.
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Patrician 14 years ago

You should report this to IC3.gov (Internet Crime Complaint Center) - they more than likely won't do anything, but at least they will investigate, track it and document it for public knowledge.

It could be that the site you used was hacked. In other words it only appeared to be Swift but redirected you to a phishing site without your knowledge.

I would be very concerned about changing all the login information on the account that you transferred the money to or from immediately.

It is very strange that they would not respond at all if it is really a reputable company as the poster above asserts.
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Patricia Brucoli
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seasoned 14 years ago

It was my understanding that there are THREE services on the planet. That's it, only THREE! One in the US, one for like asia, and one for everywhere else, and that the last one was SWIFT! BTW the US one is ACH, and I think THEY have the SAME rules. It seems like the place that is LEAST likely to be able to do accounting is a BANK! Citicorp once took about a WEEK to find money THEY mistakenly sent from one department to the other in the SAME building! HECK, it was the SAME room! And they wanted to charge ME $10 for the trouble!

SO, if we are to take yoour advice, doesn't that mean to not do business with banks!?!?!? They have written themselves into the picture SO well that doing that means almost abandoning society itself. And DON'T suggest paypal because to use them, and what they use, involves BANKS!

BTW incase you haven't figured it out, those three services are for interbank communications. Primarily, it involves transfer of funds. So if you mail someone a check, their bank runs the numbers through the system and they get the funds from the other bank.

Steve
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Geraldine 1977 14 years ago

I can imagine all the stress with SWIFT numbers I have found a service that actually does not need ALL THAT!. Its called mukuru.com and all you do is provide the account details, address and recipients ID number and that its the money goes through they say it takes 2-3 working days to go through but i have found that it can be as quick as 24hours which is really AWESOME!
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Gary Pettit 14 years ago

Thank you for that warning, and the rest who posted other experiences. It pays to check things out very thoroughly. If you do the math, fees quite often eat profits faster than any other business expense.
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HeySal 11 years ago

VIV - contact a lawyer and tell him you have a case that is a "question of bailment". Legally, even if the service makes a statement that they are not responsible for damages (in this case financial) they still are. They make the claim that they aren't just to keep people from pursuing these types of issues. However - a service IS legally responsible for the service they provide no matter what they want you to think.
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- Kay King 11 years ago
  
  Earth to Sal!
  
  Why all the old post bumping today? I know some newbies have been doing it....but you, too?
  
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  HeySal 11 years ago
  
  Originally Posted by Kay King
  
  Earth to Sal!
  
  Why all the old post bumping today? I know some newbies have been doing it....but you, too?
  
  I have no clue what happened here. Someone must have removed their post because this was on the first page. I don't usually go even to the second page if I'm not looking for something specific. If I'd noticed the date, I'd probably not bothered with it even on the first page.
  
  :confused:
  
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  Sal
  When the Roads and Paths end, learn to guide yourself through the wilderness
  Beyond the Path
  
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  Kay King 11 years ago
  
  No harm - no foul - but it's funny when one of us oldies falls for it...
  
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  Saving one dog will not change the world - but the world changes forever for that one dog
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